Pakistan has been reported to have discovered a large deposit of oil and natural gas in its territorial waters.
According to local media, including Dawn News, Muhammad Arif, a former official with Pakistan’s Oil and Gas Regulatory Authority (OGRA), revealed in an interview on Saturday that this discovery followed three years of investigation in collaboration with an unnamed friendly country.
Arif, however, tempered the excitement with caution, noting that it remains uncertain whether the actual reserves will align with initial estimates. He emphasized, “The ability of these reserves to meet Pakistan’s energy needs will depend on their scale and the development pace.”
Arif projected that exploration would require an investment of around $5 billion and could take four to five years to produce results, with the potential for discovering additional significant mineral resources during this period.
If oil and gas production begins in Pakistan’s territorial waters, the country’s economic situation could change dramatically. It currently depends on external financial assistance.
Local media reported that while the exact amount of the reserves discovered remains unknown, Pakistan could rank fourth globally in oil and gas reserves.
The leading countries are Venezuela, with the world’s largest oil reserves of approximately 3.4 billion barrels, followed by Saudi Arabia, Iran, Canada, and Iraq.
In a related development, South Korean President Yoon Suk Yeol announced in June that geophysical exploration results suggest a high likelihood of substantial oil and gas deposits off the coast of Pohang in North Gyeongsang Province. He has approved drilling plans from the Ministry of Trade, Industry, and Energy, with results expected in the first half of next year. He urged the public to be patient while awaiting these outcomes.
South Korea’s Minister of Trade, Industry, and Energy, An Duk Geun, indicated that construction could commence around 2027 or 2028, with commercial development potentially beginning around 2035. He also highlighted that the value of these reserves is currently estimated to be five times Samsung Electronics’ market capitalization.
